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TMI Blog2020 (6) TMI 795X X X X Extracts X X X X X X X X Extracts X X X X ..... s of the Operational Creditor/Petitioner is at 806, SNS ARISTA, Plot No. 94/2, T.P. Scheme No. 29, Rindh, Surat, Gujarat-395003. The present Petition is filed through Authorised Person Mr. Gurmeet Singh, being Director of Taranjot Resources Private Limited having addressed at: 806, SNS ARISTA, Plot No. 94/2, T.P. Scheme No. 29, Rindh, Surat, Gujarat-395003. 3. The Respondent Corporate Debtor, namely, M/s. Dhanurdhar Processors Private Limited was incorporated on 29.11.2006 with CIN: U17219GJ2006PTC049463. The authorised capital of the company is INR. 3,50,00,000.00 (Rupees Three Crore Fifty Lakhs Only) and the paid-up capital is INR. 2,18,01,610.00 (Rupees Two Crore Eighteen Lakhs One Thousand Six Hundred Ten Only). The registered office of the Corporate Debtor Company is situated at: Survey No. 146/3, Block No. 165, Plot No. 165/1, Village, Jolva, Taluka-Palsana, Jolva Gujarat-394305. 4. The present petition has been preferred by the Operational Creditor, Taranjot Resources Private Limited. It is submitted by the Petitioner that the Respondent Corporate Debtor is indebted to the Petitioner for INR. 90,81,732.60 (Rupees Ninety Lakhs Eighty One Thousand Seven Hundred Thirty Two an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er dated 01.01.2016 the representatives of Operational Creditor, namely, Mr. Moenuddin Kagzi and Mr. Varinder Singh alleged to have acknowledged, verified, admitted and accepted the Corporate Debtor's claim against supply of defective goods, subsequently, the Operational Creditor filed rebuttal document to contradict the said allegation, wherein it is categorically visible that the said representatives never affixed their signatures on the alleged letter, as there is clear mismatch of the signatures which can be seen from the copy of PAN Card. (at page 9-12 of rebuttal document.) 11. It is submitted by the Petitioner that even if it is assumed the objections so raised by the Corporate Debtor is valid, the amount which is alleged to be in dispute is around Rs. 20 Lakhs only, whereas the Operational Creditor is claiming a Principal Amount of Rs. 87,25,069.90/-. Therefore, the default is more than One Lakh Rupees and is an admitted liability, which is conclusive ground for admission of the present petition and initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. 12. It is submitted by the Petitioner that the debt fell due on the date of defa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... authority to settle the account and withdraw the petition. Hence, it is an intention of applicant to create a false pressure for recovery as they are aware about the pre existing dispute of their claim and such claim with the pre existing dispute cannot be filed under the I&B Code. 17. It is submitted that page 116 of the petition, top para authorizes Mr. Gurmeet Singh to sign letter of Authority/Vakalatnama. Whereas Gurmeet Singh has signed power of attorney in individual capacity in the name of letter authority as page No. 113 of the petition (first para last line) 18. It is submitted that the doubt raised by the Corporate Debtor in the Reply/Objection at para 3 page of the reply. This apprehension has come true from the Annual Return for 2018-19 filed by the Operational Creditor with RoC on 31.12.2019 and was available as public document only in the first week of January and it seems to have deliberately filed after ex-parte final arguments made by them. However, as authorized representative of corporate debtor was travelling thereafter could not verify the MCA records on or before 06.01.2020 when with the permission of the Court matter was argued again. This annual return of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of default started 19.04.2018 and the petition has been filed on 05.07.2018. e) Existence of dispute prior to the notice issued by the Operational Creditor is not found. f) Hence, this Application i.e. CP (IB) 357/9/NCLT/AHM is admitted today i.e. 05.06.2020 23. As per the provisions of Section 13 and 14 of the I.B. Code on the date of commencement of insolvency, this Adjudicating Authority shall declare moratorium for prohibiting all of the following, namely: - I. (a) The institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgement, decree or order in any court of law, tribunal arbitration panel or other authority. (b) Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein. (c) Any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (d) The recovery of any property by an owner or lessor where su ..... X X X X Extracts X X X X X X X X Extracts X X X X
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